Every dentist dreaming of selling a dental practice or taking the leap to buying a dental practice knows the process requires a skilled dental attorney. But what if we told you that qualification alone isn’t enough? According to Dr. Gary DDS, the single biggest threat to your deal is a slow attorney. Dr. Gary recently detailed a situation where a transition, despite having a qualified, honest lawyer, suffered delays of up to a month, nearly derailing the entire agreement. The lesson is clear: in the high-stakes world of practice sales, speed is the new qualification. If you want to expedite the closing and protect your investment, you need an attorney who is not just competent, but aggressive and efficient.
The Trap of Qualification Alone
Many dentists hire a reputable dental attorney based on a lecture, a national name, or years of experience. They assume a highly-regarded lawyer will automatically provide efficient service. Dr. Gary highlights that this assumption is often a costly mistake. The attorney in question was “respectable” and “honest,” yet their internal timeline for responses was days, sometimes pushing critical documents to the next week. In a complex transition where banks, sellers, and buyers are all coordinating, this lack of urgency acts as a silent deal-killer, adding unnecessary stress and significant lag time. You need someone who is “on top of their game” and moves with “light speeded”.
The High Price of Slow Legal Work
Time is money, and in a dental practice transition, delays can be financially devastating. A three-week to one-month delay, caused by a single slow attorney does more than just push back the closing date. Crucially, it puts your financing at risk. Excessive delays can cause the current interest rate with your bank to “time out,” forcing you to reapply for the loan under potentially less favorable terms. This financial risk alone is reason enough to prioritize attorneys who can quickly move the deal along and protect your financial structure.
How to Vet for Speed and Aggression
So, how do you ensure your chosen legal counsel will expedite the closing? Take a proactive approach:
- Talk to Other Buyers: Don’t rely on referrals from non-dental professionals or even just the attorney’s marketing. Instead, actively talk to other professionals and dentists who have worked with the attorney. Specifically, try to get referrals from buyers, who are typically in more of a rush and are better judges of an attorney’s urgency.
- Set an Urgency Mandate: From your first consultation, you need to set clear expectations. Dr. Gary recommends telling the attorney directly: “If you can’t expedite, I’m not working with you”.
Whether you are negotiating a large sale to a DSO or completing a straightforward individual practice purchase, your success hinges on an efficient legal process. Don’t let a “very slow attorney” be the reason your dental practice transition stalls. Choose a dental attorney who is not only qualified but committed to speed and has the proven track record to back it up.
